Nippon Life Insurance Co. and Dai-ichi Mutual Life Insurance Co. said Friday they will establish a company on Oct. 1 specializing in administering corporate pension fund assets.
Corporate-pension Business Service Co. will be capitalized at 6 billion yen. The two companies will each hold a 49 percent stake in the new company, with the rest owned by their affiliates.
The firm will specialize in administrating data for corporate pension programs' policyholders.
The nation's eight other major insurers announced Wednesday that they will set up a similar company together the same day.